COBRA VENTURE CORPORATION CLOSES PRIVATE PLACEMENT

July 7, 2010

Cobra Venture Corporation (the “Corporation” or “Cobra”) (TSX Venture Exchange “CBV”) announced today that it has completed a non-brokered private placement of 1,999,998 common shares in the capital of the Corporation issued on a “flow-through basis” (the “FT Shares”) at a price of $0.15 per FT Share, for aggregate gross proceeds of $300,000 (the “Offering”).

The securities issued pursuant to the Offering are subject to a four (4) month hold period. Net proceeds of the Offering are intended to be used by the Corporation to fund ongoing exploration programs of the Corporation.

Certain directors and officers of the Corporation subscribed for an aggregate of 936,666 FT Shares or approximately 47% of the FT Shares issued pursuant to the Offering.

Cobra Venture Corporation is an emerging energy corporation focused on the acquisition and development of strategic oil and natural gas reserves in Western Canada. Common shares of the corporation trade on the TSX Venture Exchange under the symbol CBV.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any sate securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forwardlooking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the use of the gross proceeds. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: conditions imposed by the Exchange, general economic and business conditions; and changes in the regulatory regulation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.